September 5,
2012 by in UnCategorized 
By Home Furnishings Business in Financial Reports on September 6, 2012
Hooker Furniture (NASDAQ :HOFT) reported fiscal second-quarter 2013 net sales of $50.2 million, a 9.7 percent drop from the same period last year.
Martinsville, Va.-based Hooker's net income for the period of $1.5 million was down from $1.6 million in prior-year quarter.
For the fiscal 2013 first half, sales decreased 10.6 percent, or $12.1 million, but net income increased 15 percent, or $325,000, compared to the prior-year period.
Performance in both fiscal 2013 periods was primarily driven by lower net sales, reduced sales discounting, lower freight costs on imported products and lower domestic manufacturing costs.
"We're disappointed in our sales performance so far this year, but pleased that we have been able to achieve comparable to higher profitability on lower sales for both case goods and upholstery," said Paul B. Toms Jr., chairman and chief executive officer. "We've maintained profitability by improving our domestic upholstery manufacturing operations and by managing costs. In addition, we believe we are now positioned to stabilize and grow sales again. We are almost re-stocked on best-selling products, and we believe we have both the heavy discounting and higher freight rates behind us. We're also preparing to ship several new, well-received collections that will be debuting on retail floors during the historically strong fall selling season," he added.
Looking ahead, Toms said that while retail business hasn't seen a significant upturn, the industry is entering its strongest selling season.
"While housing activity has recently improved by some measures, both housing activity and consumer confidence are still below historically healthy levels," Toms said. "Demand for casegoods remains subdued with incoming orders decreasing in the high single digit range during the second quarter compared to the same period last year, but we are encouraged that incoming order rates for upholstery were up 12 percent year-over-year in the second quarter."
The company is closely monitoring the possibility of a strike by the International Longshoremen's Association on Oct. 1.
"We increased ordering five months ago in order to mitigate the potential impact of a strike and expect to receive about twice the normal amount of inventory for the six weeks ahead of October 1st. We are hopeful that the two parties can reach an agreement before the deadline," he said. "On the internal operations side of our business, our Enterprise Resource Planning (ERP) system became operational this week for our case goods segment after nearly two years of design, planning, conversion and training efforts by our associates and implementation partner. At this point, it appears that our operations are stable and everything is proceeding according to expectations."
Click here for the complete Hooker Furniture second-quarter 2013 release.
September 5,
2012 by in UnCategorized
By Home Furnishings Business in Green on September 6, 2012
The Sustainable Furnishings Council will host a session for GREENleaders Certified Sustainability Training this month in San Francisco.
The training is set for Tuesday, Sept. 18, 9 a.m.-4 p.m. in the San Francisco Design Center Galleria, Suite 366.
SFC Executive Director Susan Inglis will present the most comprehensive training program available in green home furnishings, providing manufacturers, reps, retailers and designers with the knowledge and credentials to become experts in sustainability.
Regular cost is $299; $209 if registered by Sept. 9; and $240 if registered by September 14.
Click here to register for the GREENleaders training course.
September 4,
2012 by in UnCategorized
By Aggregated Content in Bankruptcy on September 5, 2012
from http://www.the-dispatch.com/article/20120905/News/309059974/-1/news?Title=Linwood-Furniture-to-be-liquidated&tc=ar
Linwood Furniture is no more as a judge in U.S. Middle District Bankruptcy Court approved converting the company from a Chapter 11 bankruptcy to Chapter 7 after a hearing Wednesday afternoon.
After filing for Chapter 11 bankruptcy in March and attempting to reorganize the company, Linwood executives took the next step and put the company up for public auction Aug. 9. The company noted that it had $6.9 million in debt but only $3.7 million in assets.
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September 4,
2012 by in UnCategorized
By Aggregated Content in Financial Reports on September 5, 2012
from http://www.reuters.com/article/2012/09/05/conns-results-idUSL4E8K53Z520120905?feedType=RSS&feedName=technologySector
Home appliances and electronics retailer Conn's Inc raised its full-year profit forecast for the third time this year and said it expects furniture and mattress sales to contribute more to its revenue going ahead.
Shares of the company, known for offering flexible credit options to its customers, rose as much as 13 percent to a five-year high on Wednesday.
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September 4,
2012 by in UnCategorized
By Aggregated Content in on September 5, 2012
from https://newsdesk4.moreover.com/click/?p=Qy83MTU3OTUwNDQxJm49TkFQQ08&a=MTE1MTAwMzM3ODI&f=TmV3cw&s=cmljaHhtbA&u=YWNyZW5zaGF3QG5hcGNvLmNvbQ&c=TkFQQ08&i=MA&e=TGV4aW5ndG9uIERpc3BhdGNo&d=1989&t=1
WINSTON-SALEM | Linwood Furniture is no more as a judge in U.S. Middle District Bankruptcy Court approved converting the company from a Chapter 11 bankruptcy to Chapter 7 after a hearing Wednesday afternoon.
After filing for Chapter 11 bankruptcy in...
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